Kraken Parent Company Payward Inks Deal With Money Partners Group

Major exchange platforms are always looking for new investors, as the ultimate goal is to offer a global platform rather than just targeting specific regions of the world. Kraken, one of the leading Bitcoin exchanges, has received an investment from Money Partners Group, a well-known Japanese forex brokerage. Exact details regarding the invested sum remain unknown for the time being.

Also read: Sports Betting With Bitcoin At Bovada Sportsbook

Money Partners Group Investment In Payward

Most people active in the world of digital currency and Bitcoin will know that the Kraken exchange is operated by Payward, a US-based company. However, Payward has various subsidiaries, one of which is Payward Japan. It is this enterprise which has attracted the attention of forex brokerage Money Partners Group.

The official investment will take place at some point in April of 2016, but most of the details remain shrouded in mystery for the time being.  What we do know is how this money will be used the increase the capital of Payward Japan, as well as further expand its business in the country.

It has to be said; this partnership agreement dates back to July 2015 when Money Partners Group and Payward Japan sat around the table to reach a deal. Bitcoin trading has been a focal point for a lot of traditional financial service providers, and it looks like the forex brokerage wants to be a part of the digital currency ecosystem.

Back in those days, the plan enveloped offering various Bitcoin trading opportunities, including settlement services and derivative trading, which would use Bitcoin as an underlying asset. This could indicate the popular digital currency will be integrated into the Money Partners Group platform at a future date, although there is no official confirmation of this ever happening.

Moreover, this news marks the second Japanese investment Kraken’s parent company has secured so far. Back in February of 2016, SBI Investment made a strategic investment in Kraken, as they lead a series B round of funding for Payward. No details about that partnership were disclosed either, shrouding everything in mystery for the time being.

Source: SMN Weekly

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.